Global tin premiums were flat across the week ending Tuesday June 18, despite easing nearby spreads prompting a slight uptick in spot business at lower premium levels in Europe, while supply concerns and a closed import window capped premium ranges in the United States and Asia.
European premiums flat despite emergent downside pressureIn Europe, Fastmarkets assessed the premium for 99.9% standard-grade tin ingot with 300ppm lead content on an in-warehouse Rotterdam basis, at $410-450 per tonne on Tuesday June 18, with the range unchanged since April 2.Throughout June, physical tin participants have continued to report stagnant market conditions against a backdrop of tight nearby spreads, significant inflows into LME-registered warehouses and subdued demand for 99.9% tin ingots.That said, while some participants consider current premiums to be broadly 'hypothetical' amid a lack of spot business, Fastmarkets has been informed of business at the sub-$400 per-tonne level this week, pressuring the premium range lower. Fastmarkets also understands that state-owned Indonesian tin producer PT Timah is offering long-term deals at around $440 per tonne, continuing to exhibit its export dominance as the world's second largest tin producer amid continued uncertainty over the resumption of privately-owned tin smelters in the...